Source : Bangladesh’s economy is poised to slow to 5.5 percent growth in the current fiscal year through June from 5.9 percent last year, the Asian Development Bank said on Monday, and urged greater government efforts to encourage investment.

“The global economic recession belatedly affected the Bangladesh economy in the first half of the 2009/10 fiscal year,” the ADB said in its Quarterly Economic Update on Bangladesh.

Export earnings in July-December fell 6.2 percent to $7.27 billion, reflecting subdued demand for readymade garments, which account for 80 percent of total overseas sales.

Net foreign direct investment in Bangladesh in July-December was $197 million, a 67.3 percent decline from the same period of 2008.

The industrial sector continued to be affected by power and gas shortages, the Manila-based ADB said in the report.

“The government needs to … improve the country’s investment climate to encourage domestic and foreign investments. It also needs to develop the capacity of key agencies to boost public sector investment and encourage higher private sector investment,” the ADB said.

It said the country’s farm growth is likely to slow to 4.1 percent in 2010 from 4.6 percent in 2009 while industrial sector growth is set to slow to 5.6 percent from 5.9 percent.

The service sector is projected to grow 5.9 percent from 6.3 percent in the last fiscal year due to the slowdown in trade flows and weaker industrial performance.

The government said it was hoping to achieve 6 percent growth in the current fiscal year.
The ADB said the impoverished country needs to push for job creation to make growth more inclusive.

Nearly 40 percent of Bangladesh’s 150 million people still live on less than $1 a day.

The ADB said excess liquidity in the banking system and rising global commodity prices are likely to push up the inflation rate, which surged to a 15-month high of 8.51 percent in December from 7.24 percent the previous month as food prices rose steeply

Research and Markets has announced the addition of the “Bangladesh Commercial Banking Report Q1 2010″ report to their offering.

Business Monitor International’s Bangladesh Commercial Banking Report provides industry professionals and strategists, corporate analysts, banking associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Bangladesh’s commercial banking industry.

Since Q108, BMI have described numerically the banking business environment for each of the countries surveyed by BMI. BMI do this through their Commercial Banking Business Environment Rating (CBBER), a measure that ensures BMI capture the latest quantitative information available. It also ensures consistency across all countries and between the inputs to the CBBER and the Insurance Business Environment Rating, which is likewise now a feature of BMI’s insurance reports. Like the Business Environment Ratings calculated by BMI for all the other industries on which it reports, the CBBER takes into account the limits of potential returns and the risks to the realisation of those returns. It is weighted 70% to the former and 30% to the latter.

The evaluation of the Limits of Potential Returns includes market elements that are specific to the banking industry of the country in question and elements that relate to that country in general. Within the 70% of the CBBER that takes into account the Limits of Potential Returns, the market elements have a 60% weighting and the country elements have a 40% weighting. The evaluation of the Risks to Realisation of Returns also includes banking elements and country elements (specifically, BMIs assessment of long-term country risk). However, within the 30% of the CBBER that take into account the risks, these elements are weighted 40% and 60%, respectively.

Further details on how BMI calculate the CBBER are provided at the end of this report. In general, though, three aspects need to be borne in mind in interpreting the CBBERs. The first is that the market elements of the Limits of Potential Returns are by far the most heavily weighted of the four elements. They account for 60% of 70% (or 42%) of the overall CBBER. Second, if the market elements are significantly higher than the country elements of the Limits of Potential Returns, it usually implies that the banking sector is (very) large and/or developed relative to the general wealth, stability and financial infrastructure in the country. Conversely, if the market elements are significantly lower than the country elements, it usually means that the banking sector is small and/or underdeveloped relative to the general wealth, stability and financial infrastructure in the country. Third, within the Risks to Realisation of Returns category, the market elements (ie: how regulations affect the development of the sector, how regulations affect competition within it, and Moodys Investor Services ratings for local currency deposits) can be markedly different from BMIs long-term risk rating.

Key Topics Covered:

Executive Summary

SWOT Analysis
Business Environment

Commercial Banking Business Environment Rating
Commercial Banking Business Environment Rating Methodology
Global Commercial Banking Outlook
Emerging Market Banking Sectors
Asia Banking Sector Outlook
Bangladesh Banking Sector Outlook
Economic Outlook
Competitive Landscape
Market Structure
Protagonists
Definition Of The Commercial Banking Universe
List Of Banks
Company Profiles
Sonali Bank
Janata Bank
Agrani Bank
Rupali Bank
Islami Bank Bangladesh
Prime Bank
Pubali Bank
BMI Banking Sector Methodology

Commercial Bank Business Environment Rating

Turkish President Abdullah Gul on Friday proceeded to Bangladesh after completing his talks in India.

Gul was welcomed by his Bangladeshi counterpart Zillur Rahman at the Zia Airport in Dakka.

The two presidents will hold a tete-a-tete meeting and supervise the gathering of the two countries’ delegations.

Gul will receive Bangladeshi Foreign Minister Dipu Moni and Finance Minister Abu Maal Abdul Muhith as well as attend a dinner to be hosted in his honor by President Rahman.
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Turkish President Abdullah Gul, leading a large business delegation to Bangladesh, said on Friday he hoped trade with the South Asian country could be raised to $1 billion from $600 million.

Gul, the first Turkish president to visit Bangladesh since 1999, was speaking at a news conference with his counterpart Zillur Rahman.

“The annual bilateral trade could be raised to $1 billion or even more from the existing $600 million,” Gul said, noting that the big trade delegation accompanying him highlighted the importance Turkey attached to trade.

Gul was visiting with an entourage of some 180 people, mostly businessmen and entrepreneurs.

Rahman, speaking later at a banquet, asked the Turkish entrepreneurs to invest in various sectors in Bangladesh including textiles, shipbuilding, energy and tourism.

Gul will speak to a join session of business leaders from both the countries before meeting Prime Minister Sheikh Hasina and opposition leader, former prime minister Begum Khaleda Zia, on Saturday.

Turkey, frustrated by the slow progress of its bid to join the European Union, has been expanding its activities both diplomatically and economically as it seeks to raise its global clout and find new markets for its growing economy.

Infrustucture is weel to take load of Development .The target of 6 percent GDP growth is unlikely during the current fiscal year due to lack of investment and infrastructure problems, power and gas crisis. This was viewed by experts at a roundtable on ‘Prospects of Bangladesh’s Economic Growth in 2010′ organized by the daily Independent ..
Former Finance Minister M Sayeduzzaman, former Commerce Minister and BNP leader Amir Khosru Mahmud Chowdhury, former Finance Adviser Dr. AB Mirza Azizul Islam, former Bangladesh Bank Governor Dr. Salehuddin Ahmed, Nitol-Niloy Group Chairman Abdul Matlub Ahmad, Dhaka University Prof Dr. Barkat-e-Khuda and Association of Bankers Bangladesh (ABB) chairman K Mahmood Sattar are among those took part in the roundtable.

Ambassador Faruk Sobhan moderated while economist Forrest E Cookson presented the key note paper.

“The economy is giving out mixed signals. I am not optimistic about 6 percent growth in 2010,” said Mirza Azizul Islam.

Viewing that the growth of a country’s economy mostly depends on investment, he said investment scenario does not look bright.

“The growth will not reach 6 percent, if it reaches 5.5, I will be quite pleased,” added the former Finance Adviser. The GDP growth was 5.9 percent in last fiscal (2008-09).

He observed that investment has to be increased to accelerate growth. Lack of energy is the daunting problem towards investment.

“Many of the industrial areas are being subjected to gas rationing. Even there are load shedding. These issues have to be addressed,” he added.

M Sayeduzzaman said that the government is facing some challenges like implementation of the pay hike, initiative for the Public- Private-Partnership (PPP), fiscal stimulus package and safety net schemes.

Despite that, he thought, 6 percent GDP is not very ambitious compared to the past three years. It is achievable. Revenue earning looks very achievable.

He viewed that the gap between national savings and national investment is increasing in the last three years.

Mentioning that low investment, excess liquidity, bubbling housing sector, share market as it doesn’t have the depth are the challenges before the government to achieve the growth, said former Bangladesh Bank Governor Dr. Salehuddin Ahmed.

“I don’t think 6 percent growth is achievable. It may be 5.7 to 5.8 percent,” he added.

Urging the government to encourage the Small and Medium Entrepreneurs (SMEs), he said, “This will create more employment opportunities.”

Explaining the reason for lack of low investment during the tenure of the caretaker government and present government, former Commerce Minister Amir Khosru Mahmud Chowdhury said the private sector is yet to come out of that fear-factor.

Citing that the textile and garment sector was seriously affected due to global recession, he said, “They are eating into their capital. The government should really look into this.”

He also viewed that the industry-labour relation is not good and cited instances of recent disturbance in the garment sector.

Presenting the keynote paper E Cookson said, “We will see a much more rapid growth of economy in 2010 that people didn’t think about.”

He expected that the combined growth for the calendar years of 2009 and 2010 is 6.8 percent. Although one year is slow and another year is high, almost 7 percent growth averaged over the two years, he said.

Faruk Sobhan in his concluding remark said even 10 percent GDP is achievable within thee years provided the major challenges of successful implementation of the development programme can be tackled and energy and power crisis resolved

Feb 7 (g): A red carpet was rolled out to greet Prime Minister Sheikh Hasina as she landed at Kuwait International Airport on Sunday afternoon to begin a three-day state visit to the Gulf country. Adviser to the Kuwaiti Prime Minister Dr Sheikh Rafah al Sabah al Jaber received Sheikh Hasina at the tarmac as a special airplane carrying her flew into the airport at 6.0pm (local time). The Prime Minister was given a guard of honour by a smartly turned-out contingent. Bangladesh Ambassador to

Kuwait Shahed Reza was present.

Later, the Prime Minister drove to Bayan Palace in a ceremonial motorcade.

Sheikh Hasina will visit the Bangladesh Bhaban in the capital of the Gulf state this evening and have her dinner. The Prime Minister will hold official talks with her Kuwaiti counterpart Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah tomorrow (Monday) on a wide range of matters of bilateral cooperation, encompassing development assistance, investment and labour issues. Earlier, the special plane sent by Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah, carrying the Prime Minister and the members of her entourage, took off from Zia International Airport at 2:07 pm.

“At the talks, Bangladesh will seek assistance for development of communications infrastructures, including the mega-project of Padma Bridge, and support for the country’s energy sector,” one official told the news agency.

Prime Minister Sheikh Hasina Sunday invited sister of Kuwait Emir, Anthal Al Ahmed Al Jaber Al Babah, to visit Bangladesh for having a look regarding the adverse effect of climate change in the most vulnerable countries (MVCs) like Bangladesh.

She made the invitation when Anthal Al Ahmed Al Jaber Al Sabah called on the Prime Minister at her suite at Bayan Palace Sunday evening.

Anthal, who is also an environment activist, accepted the Prime Minister’s invitation and expressed her desire to visit Bangladesh at her convenient time.

Younger sister of the Prime Minister Sheikh Rehana, Foreign Minister Dr Dipu Moni, State Minister for Environment and Forest Dr Hasan Mahmud, Bangladesh Ambassador in Kuwait Shahed Reza and Press Secretary to the Prime Minister Abul Kalam Azad were present, among others, during the meeting.

The Prime Minister during the meeting expressed her deep concern regarding the adverse effect of climate change and expressed her desire to work together with Anthal Al Ahmed Al Jaber Al Sabah.

Important issues :
Prime minister Sheikh Hasina sought to secure more jobs for Bangladeshis and greater investment for the country in talks with Kuwaiti leaders on Monday.

She said her government will provide all possible assistance to Kuwaiti investors and also invited them to import high quality garments, ceramics and pharmaceuticals from Bangladesh.

Hasina, in the Gulf state on a three-day official visit, suggested that Kuwaiti businesses can invest in sectors like power, telecommunications, infrastructure development, pharmaceuticals, textiles, ICT, gas and energy, furniture and agro based industries.

Kuwait’s prime minister Nasser Al-Mohammad Al-Ahmad Al-Sabah formally received Hasina at the Baydan Palace in the morning.

Hasina then had an audience with Kuwait’s Emir Sabah Al-Ahmad Al-Jaber Al-Sabah at Sief Palace where she discussed matters of mutual interest.

“Manpower export from Bangladesh, river dredging and Kuwaiti investment in Bangladesh’s development sector figured prominently during the meetings,” The prime minister’s press secretary Abul Kalam Azad told reporters after the talks.

At a luncheon, hosted by Kuwait Chamber of Commerce later in the day, Hasina invited Kuwaiti businessmen to come forward with investments in Bangladesh.

The prime minister said the investment would not only bring benefits to Kuwati businesses but also help further strengthen existing bilateral relations. “There is huge scope to diversify and enhance trade between the two countries,” she said.

She said her government had been successful in creating an attractive environment for investment with liberal fiscal and financial policies including tax holiday, avoidance of double taxation and unrestricted exit policy.

Besides, Bangladesh has a huge domestic market of 150 million people, abundant skilled labour that will help to attract foreign investors, she said.

“We only need to work together to identify areas of cooperation to harness the existing potentials,” she said.
Hasina urges investment from Kuwaitis
Prime Minister Sheikh Hasina has urged Kuwaiti business leaders and entrepreneurs to import products from Bangladesh and make investment in the country’s promising sectors under an attractive package of incentives.

“In fact, there is ample scope for diversifying and increasing our two-way trade. We only need to work together to identify areas of cooperation to harness the existing potential,” she told the audience at a luncheon meeting hosted by Kuwait Chamber of Commerce in her honour yesterday.

Hasina arrived here Sunday on a three-day state visit to the oil-rich Gulf state with a wide range of matters of bilateral cooperation on her agenda, especially development assistance, investment and labour issues.

Chairman of the apex trade body Ali Mohammad Thunayan Al-Ganim delivered his welcome address.

The prime minister said Kuwait could import from Bangladesh high-quality garments, ceramics and pharmaceuticals.

The other items she put on offer, which also have equal recognition in an increasingly environment-conscious world, are finished leather and leather products, furniture, handicrafts, and, particularly, jute and jute products.

Hasina said another important area of immense possibility is investment by Kuwait in Bangladesh. “Our government has been successful in creating an attractive investment climate with liberal fiscal and financial policies.”

She listed some of the significant facilities offered to the investors, which include tax holiday, concessionary duty on imported machinery, avoidance of double taxation, remittance of royalty, technical know-how, technical assistance fee, allowing 100 percent foreign equity, unrestricted exit policy, and full repatriation of capital and capital gains in the event of exit.

A huge domestic market of 150 million people, abundant skilled labour, the presence of homegrown entrepreneur class, supportive legal regime, and, above all, commitment of the government are added attractions for foreign investors, the PM told the leading Kuwaiti businesspeople.

She said Kuwaiti investors could seriously consider investing in power, telecommunications, infrastructure development, pharmaceutical, textiles, ICT, real estate, gas and energy, leather, furniture and agro-based industry sectors.

She assured the Kuwaiti entrepreneurs that her government would provide all possible assistance and cooperation in doing business.

“With your cooperation in the fields of trade, commerce and investment, both the State of Kuwait and Bangladesh would mutually be benefited bringing greater prosperity to our countries and peoples,” Hasina hoped.

At present, the balance of trade is very much in favour of Kuwait.

During 2007 to 2008, Bangladesh’s exports to Kuwait stood at $9.69 million, while the corresponding import figure was many times higher.

The Kuwaiti chamber chief stressed a better communication toward cooperation in the fields of trade and investments in the interests of both Kuwait and Bangladesh.

Labour and Expatriate Welfare Minister Mosharraf Hossain, Foreign Minister Dipu Moni, State Minister for Environment Hasan Mahmud and Principal Secretary MA Karim were also present on the occasion.

The prime minister will return home on Wednesday.

French cement giant Lafarge’s $255 million cement plant in Bangladesh may run into rough weather, with the Supreme Court on Friday turning off the supply of raw material by temoprarily suspending mining operations in eco-sensitive forest areas of Meghalaya.

The order completely stopping mining in East Khasi Hill district till March 19 came with a sense of outrage from the Forest Bench comprising Chief Justice K G Balakrishnan and Justices S H Kapadia and Aftab Alam.

It took strong exception to tribal land being allegedly transferred in violation of rules to the French company’s subsidiary which mortgaged it to raise a loan of $153 million from a host of foreign banks.

Appearing for Shella Action Committee, a forum of villagers in Shella, senior advocate P S Narasimha pointed out that not only was the land, falling under Schedule VI of Constitution banning its transfer to non-tribals, illegally taken over in collusion with local officials, but the mining was started without the mandatory clearance from the ministry of environment and forest (MoEF) under the Forest Conservation Act (FCA).

Illegally depriving the scheduled tribes of their land, the same was mortgaged to a host of multi-lateral agencies and foreign banks — Asian Development Bank, International Finance Corporation, Deustche Investetionaud Ent, European Investment Bank, The Arab Bangladesh Bank and the Standard Chartered Bank, Bangladesh, for obtaining a loan of $153 million, Narasimha said.

Amicus curiae Harish Salve and A D N Rao said not only was the eco-fragile area opened up without the mandatory forest clearance, the raw material was being sent to Bangladesh at cost price depriving India of huge revenue due from custons and other duties.

Additional solicitor general Harin Raval, appearing for MoEF, said that the ministry had clearly issued an order in May 2007 staying the mining operations, but the SC had allowed it to go on.

The Bench asked the French company to give details of its operation and the manner it started mining even as its counsel Mukul Rohtagi and Abhishek Manu Singhvi tried to soften the blow by offering to price the raw material at market price. But, the Bench sought a detailed response and posted the matter for further hearing on March 19. However, it allowed it to lift the already mined limestone from the site for export, but with prior intimation to the Central Empowered Committee (CEC) about the quantity of the mineral.

Lafarge Umuiam Mining Pvt Ltd (LUMPL) was mining the limestone quarry area spread over 100 hectares near the Indo-Bangladesh border for supply of raw material to Lafarge Surma Cement Project at Chhatak in Sunamganj, Bangaldesh.

Lafarge and Spanish cement producer Cementos Mollins had set up the state-of-the-art fully integrated cement plant at Chhatak with a captive power plant of 300 MW. In 2001, the Bangladesh high commissioner and then Indian foreign secretary Lalit Mansingh had singed an agreement for uninterrupted supply of raw material to the plant from the mines in Meghalaya.

After this agreement, Lafarge had claimed to have obtained relevant clearances from MoEF, the state government, the autonomus hill council and the chief conservator of forest for limestone quarrying in East Khasi Hills.
French cement giant Lafarge’s $255 million cement plant in Bangladesh may run into rough weather, with the Supreme Court on Friday
turning off the supply of raw material by temoprarily suspending mining operations in eco-sensitive forest areas of Meghalaya.

The order completely stopping mining in East Khasi Hill district till March 19 came with a sense of outrage from the Forest Bench comprising Chief Justice K G Balakrishnan and Justices S H Kapadia and Aftab Alam.

It took strong exception to tribal land being allegedly transferred in violation of rules to the French company’s subsidiary which mortgaged it to raise a loan of $153 million from a host of foreign banks.

Appearing for Shella Action Committee, a forum of villagers in Shella, senior advocate P S Narasimha pointed out that not only was the land, falling under Schedule VI of Constitution banning its transfer to non-tribals, illegally taken over in collusion with local officials, but the mining was started without the mandatory clearance from the ministry of environment and forest (MoEF) under the Forest Conservation Act (FCA).

Illegally depriving the scheduled tribes of their land, the same was mortgaged to a host of multi-lateral agencies and foreign banks — Asian Development Bank, International Finance Corporation, Deustche Investetionaud Ent, European Investment Bank, The Arab Bangladesh Bank and the Standard Chartered Bank, Bangladesh, for obtaining a loan of $153 million, Narasimha said.

Amicus curiae Harish Salve and A D N Rao said not only was the eco-fragile area opened up without the mandatory forest clearance, the raw material was being sent to Bangladesh at cost price depriving India of huge revenue due from custons and other duties.

Additional solicitor general Harin Raval, appearing for MoEF, said that the ministry had clearly issued an order in May 2007 staying the mining operations, but the SC had allowed it to go on.

The Bench asked the French company to give details of its operation and the manner it started mining even as its counsel Mukul Rohtagi and Abhishek Manu Singhvi tried to soften the blow by offering to price the raw material at market price. But, the Bench sought a detailed response and posted the matter for further hearing on March 19. However, it allowed it to lift the already mined limestone from the site for export, but with prior intimation to the Central Empowered Committee (CEC) about the quantity of the mineral.

Lafarge Umuiam Mining Pvt Ltd (LUMPL) was mining the limestone quarry area spread over 100 hectares near the Indo-Bangladesh border for supply of raw material to Lafarge Surma Cement Project at Chhatak in Sunamganj, Bangaldesh.

Lafarge and Spanish cement producer Cementos Mollins had set up the state-of-the-art fully integrated cement plant at Chhatak with a captive power plant of 300 MW. In 2001, the Bangladesh high commissioner and then Indian foreign secretary Lalit Mansingh had singed an agreement for uninterrupted supply of raw material to the plant from the mines in Meghalaya.

After this agreement, Lafarge had claimed to have obtained relevant clearances from MoEF, the state government, the autonomus hill council and the chief conservator of forest for limestone quarrying in East Khasi Hills.
Lafarge worldwide
Lafarge headquarters are located in Paris, France. The Group, present in 79 countries, orients the development of its businesses towards fast-growing markets, notably in Asia and Middle-East.

Due to Global recession and the strong surveving capacity of Bangladesh and due to the reformed atitude of political govt develop the interest of investing in Bangladesh.Bangladeshi workers abroad sent home a record $6.48 billion as remittances in the first seven months of the current fiscal year, registering a 20.89 percent growth over the same period in the last fiscal year.

The remittances from Bangladeshi nationals working abroad were estimated at $950.92 million in January, up by $77.06 million from the previous month. In December 2009, the remittance was $873.86 million, according to the central bank statistics, released on Wednesday.

“The inflow of remittances is still at a satisfactory level,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told KAHN Media in Dhaka, adding that most of the Bangladeshi expatriates sent higher amount of remittances to their relatives during the period under review to facilitate the current Boro cropping.

Bangladesh received $6.484 billion during the July-January period of the fiscal 2009-10 against $5.363 billion in the same period of the previous fiscal, the BB’s data showed.

The latest figure shows that despite the slowdown of overseas jobs, inflow of remittances has maintained an upward trend — a continuation of last fiscal year when remittances grew 22.41 percent, the central bank officials said.

The BB earlier took a series of measures to encourage expatriate Bangladeshis to send their hard-earned wages through formal banking channels instead of the illegal “hundi” system in order to boost the country’s foreign exchange reserves.

Four state-run commercial banks and dozens of private commercial banks have also stepped up efforts to increase remittance flow from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.

“We are establishing new contacts with foreign exchange houses so that our overseas workers can find it easy to send money home. We’re also trying to set up our own exchange houses in different parts of the world,” Managing Director and Chief Executive Officer of the Agrani Bank Limited Syed Abu Naser Bukhtear Ahmed told KAHN in the capital, Dhaka.

The country’s foreign exchange reserves stood at $10.13 billion on Wednesday due to the robust growth of remittances, the BB officials confirmed.

After effct of the Bangladeshi PM Begum Sheik Hasina India visit it seems better friendly and reliable environment between the two contry India has shown keen interest in taking advantage of the massive investment opportunities in Bangladesh as economic relations between the two countries grow from strength to strength.

“An Indian business delegation will visit Bangladesh within a few months to explore the opportunities of joint investment through discussion,” Indian High Commissioner, Rajeet Mitter, said Sunday.

He was briefing reporters after making a courtesy call on Industries Minister Dilip Barua.

Mr Mitter said India would provide training to Bangladesh Standards and Testing Institution (BSTI) to upgrade the lab standard as the local industries could not yet attain standard and face stiff competition in the market due to lack of appropriate technology in the local industries.

They held discussion on providing training support to promote the country’s SME sector, increasing BSTI facilities, Indian recognition of BSTI certificate and the government’s industry and investment policy.

“The sectors are yet not identified,” the minister said and added, “But we discussed on the thrust sectors including ceramic, pharmaceuticals, leather, light engineering and IT sectors.”

“After the recent investment in telecom sector, now India is planning to explore the opportunities of setting up of power plants in Bangladesh,” Mr Barua said.

Referring to the use of Chittagong and Mongla ports, he said the country would be able to earn foreign currency and at the same time the ports would be restructured with modern facilities.

Replying to the query regarding lengthy visa processing, the India envoy assured that there would be no difficulty for the real businessmen for getting visa as they have started a ‘token system.’